Borregaard, together with the shareholders Must Invest and Hatteland Group, will act as guarantors for a NOK 200 million convertible loan to Alginor.

The loan may be converted to new shares by the lenders. The subscription price upon exercise of the conversion right shall be NOK 10 per share, subject to adjustment for corporate actions such as share splits, reversed splits, dividends etc.

All shareholders in Alginor will be invited to participate in the convertible loan. Depending on the shareholder participation, Borregaard's share of the loan will range from NOK 83 to 111 million, paid in two equal tranches in October 2025 and in February 2026.

The convertible loan will be supplemented by an additional uncommitted tap facility of NOK 100 million.

Furthermore, Alginor has received a commitment for a new secured loan facility totalling NOK 230 million through Haugesund Sparebank.

This combined financing solution is expected to be sufficient to complete and commission the ongoing investment in a commercial-scale demonstration plant for alginates.

For more information about Alginor and the convertible loan, please see https://alginor.no/.